In Mumbai, the daily Davis Index for billet Friday settled firm at Rs30,450/mt ($415.41/mt) ex-works, marginally up Rs50/mt. Finished steel demand in the city is expected to improve post the 10-day Ganesh festival. Billets offers were at Rs29,500/mt and bids at Rs294,00/mt, but no deal were reported.
The daily Davis Index for rebar remained flat at Rs33,900/mt ($462.48/mt) ex-works Mumbai with limited trades. Production and sales of finished steel are expected to pick up as casual labourers return to work and construction activities resume in full swing.
Major primary steel mills are also planning to hike prices of both long and flat products for September in line with higher international iron ore and ferrous scrap prices along with lower inventory level. Price hike have not been announced but traders expect a hike of around Rs1,000-1,500/mt for long and Rs2,500-3,000/mt for flat products.
In Raipur, the daily index for billet was down by Rs150/mt ($2.04/mt) and settled at Rs29,000/mt ($395.63/mt) in-line with a fall in rebar prices. Steel mills are hopeful that domestic market will move up in September. The daily index for rebar decreased by Rs200/mt to Rs32,200/mt ($439.29/mt). Pellet sponge offers were at Rs19,100/mt ($260.57mt) ex-works, with limited takers.
In Mandi Gobindgarh, the daily index for ingot rose by Rs150/mt at Rs32,700/mt ($446.11/mt) ex-works as local scrap prices increased. The daily index for rebar remained up by Rs300/mt at Rs37,300/mt ($508.86/mt) ex-works amid a marginal improvement in demand.